OnCore Manufacturing Services

OnCore Manufacturing Systems, a leading provider of high complexity electronic manufacturing services to leading international defense, industrial and medical companies, was rapidly outgrowing its Longmont, Colorado facility. OnCore, which began as a contract manufacturer but evolved to a full service design-to-market solutions provider, needed to double its space – quickly – and was exploring leaving the Longmont community in order to be able to meet accelerating business requirements.

Solution:

In cooperation with the City of Longmont and the Longmont Area Economic Council, The Neenan Company and commercial broker Keith Kanemoto partnered on a financial development package that helped keep OnCore local, an economic win that would provide hundreds of jobs in the Northern Colorado community. Neenan formed a Limited Liability Partnership, comprised of accredited investors and non-recourse partners, to structure and hold the long-term debt obligations of the building, with the debt to be amortized over the duration of OnCore’s 12-year lease term.

Having provided development and equity, Neenan went to work on design and construction. Its innovative Archistruction technique allowed for integrated delivery to meet OnCore’s required expansion timeframe – just 10 months from signed letter of intent to lease to an operational facility. The process included a strategic master plan for future expansion, in addition to delivery of a highly flexible design plan to allow OnCore’s manufacturing lines, processes and equipment to change as needed to meet the company’s business goals over time.

The Neenan Company and OnCore Manufacturing Services created an operational manufacturing facility in 10 months, giving OnCore the freedom to pursue new business opportunities for which they had been initially reluctant to compete, based on the restricted ability to deliver imposed by their former space constraints.

A thoughtfully designed and constructed building will allow OnCore to continue to grow and change as their business does, with an eye toward future improvements to production and delivery. The new facility helps OnCore to be more agile and responsive, and is built to meet the evolving demands of high-tech manufacturing.

By investing equity and committing to ownership, Neenan helped a growing high-tech business stay in Northern Colorado, with an innovative space built from the ground up. Hundreds of people were employed, contributing to the economic vitality of the region.

John Cody, President/CEO of the Longmont Area Economic Development Council said, “Longmont is excited about this expansion of an existing primary employer. We have seen increased activity from the manufacturing sector, and OnCore’s project represents the first new construction for primary employers in several years.”

Mayor Bryan Baum commented, “Longmont considers this project a high priority for its economic development efforts. The combination of new construction, increased job growth and the diversification of our local economy all contribute towards the economic growth we are trying to foster.”